Mortgage interest rates plummet to new lows -- some below 2.9%

Average interest rates plummeted to new historic lows, this week for both 30- and 15-year fixed-rate home loans, Freddie Mac reported Thursday.

The average 30-year fixed rate fell to 3.62 percent this week. Last week, it was at 3.66 percent. The mortgage rate has matched or hit a new record low in 10 of the last 11 weeks, Freddie Mac reported Thursday. The 30-year fixed rate loan has remained below 4 percent since December, with the exception of one week, according to Freddie Mac. Last year at this time, the average rate was at 4.6 percent.

Average interest rates on 15-year, fixed-rate mortgages also dropped this week to new lows -- to 2.89 percent, Freddie Mac said. Last week, the average was at 2.94 percent, according to Freddie Mac. Last year at this time the average rate was at 3.75 percent.